A new tokenomics approach that would encourage SushiSwap, a decentralized exchange (DEX), to use Uniswap version three (v3) is one step closer to adoption.
Head Chef Jared Grey told CoinDesk that the concept will most likely be put to a vote by the entire community in late May. If accepted, the improvements will involve rewriting the protocol’s “Chef” contracts in order to strengthen the code that powers its operations in the wake of a multimillion dollar attack earlier this month.
“V3 aids us in improving the effectiveness of tokenomics, and vice versa. We will scale expansion across our more than 30 supported networks thanks to v3‘s enhanced capital efficiency and improved and sustainable tokenomics,” Grey stated.
According to Grey, the modifications will strengthen the protocol’s security by increasing decentralization.
In response to the exploit, which earlier this month leaked $3.3 million from the platform’s wallets, the exchange is attempting to strengthen security. The breach took advantage of a flaw in SushiSwap’s Route Processor 2, a smart contract component designed to improve liquidity provisions while streamlining transaction execution. Since then, some money has been retrieved.
In order to encourage the adoption of Uniswap v3, SushiSwap has corrected the problem and covertly deployed version three (v3) of its router on some networks, Grey tweeted. Soon, the router will go live on more networks.
According to Grey’s tweets, the SushiSwap team also intends to introduce a number of modifications to the protocol’s user interface with the goal of facilitating cross-chain swapping.
